China's move and dollar ploy boost Asian stocks
Source: Bloomberg News |
December 2, 2011, Friday
|
Print Edition
Print Edition
ASIAN stocks jumped yesterday after six central banks cut the cost of emergency dollar funding for European banks and China reduced curbs on lending.
Developers Agile Property Holdings and Evergrande Real Estate gained at least 15 percent, leading a gauge of Chinese mainland companies listed in Hong Kong to its largest jump since 2008.
Hitachi Construction Machinery, a Japanese manufacturer that depends on China for about a quarter of sales, jumped 7.3 percent. BHP Billiton, the world's biggest mining company, gained 4.1 percent in Sydney after commodity prices rose.
Ryota Sakagami, Tokyo-based chief strategist at SMBC Nikko Securities, said: "The coordinated dollar funding by six central banks helps to ease concerns about a market collapse.
"The reduction of reserve requirements in China will lead to an increase in money supply that will push up the stock market in China. It also enhances the expectation that China will turn policy toward monetary easing from now on."
Japan's Nikkei 225 Stock Average rose 1.9 percent. Hong Kong's Hang Seng Index jumped 5.6 percent, its second--biggest gain since April 2009. Australia's S&P/ASX 200 Index gained 2.6 percent. South Korea's Kospi Index advanced 3.7 percent.
The Standard & Poor's 500 Index jumped 4.3 percent in New York on Wednesday, its biggest gain since August 11, after the US Federal Reserve and five other central banks took action on Europe's debt crisis by making it cheaper for lenders to borrow in dollars.
"There is optimism European leaders will this time come up with a decent and specific solution to the debt crisis," said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management. "There are clear signals that China and other central banks are shifting from tightening to easing policies, and the market is taking that favorably."
Developers and banks led gains. Agile Property soared 15 percent to HK$6.79 (87 US cents), while Evergrande gained 16 percent to HK$3.50 in Hong Kong. China Merchants Bank, a Shenzhen-based lender, increased 14 percent to HK$15.84.
China National Building Material jumped 16 percent to HK$10.18. Hitachi Construction rose 7.3 percent to 1,423 yen (US$18.31) in Tokyo.
Energy and material firms were also among the biggest gainers. BHP rose 4.1 percent to A$36.35 (US$37.11) in Sydney. Mitsubishi added 4.7 percent to 1,624 yen in Tokyo.
Crude oil for January delivery rose 0.6 percent to US$100.36 a barrel in New York on Wednesday. The London Metal Exchange Index of prices for six industrial metals soared 5 percent.
Developers Agile Property Holdings and Evergrande Real Estate gained at least 15 percent, leading a gauge of Chinese mainland companies listed in Hong Kong to its largest jump since 2008.
Hitachi Construction Machinery, a Japanese manufacturer that depends on China for about a quarter of sales, jumped 7.3 percent. BHP Billiton, the world's biggest mining company, gained 4.1 percent in Sydney after commodity prices rose.
Ryota Sakagami, Tokyo-based chief strategist at SMBC Nikko Securities, said: "The coordinated dollar funding by six central banks helps to ease concerns about a market collapse.
"The reduction of reserve requirements in China will lead to an increase in money supply that will push up the stock market in China. It also enhances the expectation that China will turn policy toward monetary easing from now on."
Japan's Nikkei 225 Stock Average rose 1.9 percent. Hong Kong's Hang Seng Index jumped 5.6 percent, its second--biggest gain since April 2009. Australia's S&P/ASX 200 Index gained 2.6 percent. South Korea's Kospi Index advanced 3.7 percent.
The Standard & Poor's 500 Index jumped 4.3 percent in New York on Wednesday, its biggest gain since August 11, after the US Federal Reserve and five other central banks took action on Europe's debt crisis by making it cheaper for lenders to borrow in dollars.
"There is optimism European leaders will this time come up with a decent and specific solution to the debt crisis," said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management. "There are clear signals that China and other central banks are shifting from tightening to easing policies, and the market is taking that favorably."
Developers and banks led gains. Agile Property soared 15 percent to HK$6.79 (87 US cents), while Evergrande gained 16 percent to HK$3.50 in Hong Kong. China Merchants Bank, a Shenzhen-based lender, increased 14 percent to HK$15.84.
China National Building Material jumped 16 percent to HK$10.18. Hitachi Construction rose 7.3 percent to 1,423 yen (US$18.31) in Tokyo.
Energy and material firms were also among the biggest gainers. BHP rose 4.1 percent to A$36.35 (US$37.11) in Sydney. Mitsubishi added 4.7 percent to 1,624 yen in Tokyo.
Crude oil for January delivery rose 0.6 percent to US$100.36 a barrel in New York on Wednesday. The London Metal Exchange Index of prices for six industrial metals soared 5 percent.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
